The Sandbox token, SAND, has experienced a parabolic price increase over the past week, climbing by 106.95% and rising from $0.34 a week ago to $0.72 at the time of writing.
The upward trend persists today, Monday, as the price of SAND has also risen by 30.85% in the past 24 hours, bringing its market capitalization to $1.75 billion.
SAND/USDT weekly chart | TradingView
Why is SAND crypto going up?
This uptrend performance coincides with the Sandbox Gaming platform’s 5th anniversary of launching its first virtual LAND sales.
LAND is a plot of virtual property that users can purchase to develop games and experiences in The Sandbox gaming metaverse.
Sebastien, the COO and co-founder of the Sandbox platform, revealed various statistics and accomplishments that the platform has attained over the past five years.
5 years ago, we introduced the first virtual LAND 🏞️ sales on @TheSandboxGame – the first of many successful ones that defines a world of culture in the Metaverse.
Are you a LAND owner? Share you plot and tell us when you got it ?
Some facts/stats 📊
– over 27,000 unique LAND… pic.twitter.com/yhpGDZlz5B— Sebastien 🏞 (@borgetsebastien) November 24, 2024
He mentioned that there are more than 27,000 LAND owners, with a total volume of 138,461 ETH recorded on OpenSea. New neighborhoods are introduced every 2 to 4 months, and the floor price of LAND has risen to 0.13 ETH, approximately $453 apiece at the time of reporting.
Although these accomplishments are reflected in the SAND token prices, The Sandbox coin remains 91.36% lower than its peak price of $8.44 reached on November 25, 2021.
Moreover, the recent recovery also occurred when the global cryptocurrency market was experiencing parabolic increases. Bitcoin hit an all-time high of $99,655 on November 22, while other gaming tokens, such as Decentraland (MANA), Axie Infinity (AXIE), Apecoin (APE), and Gala (GALA), are also experiencing increases today following several months of downtrend.
The Sandbox token is poised for more gains.
The rapid surge in the SAND price has attracted the attention of cryptocurrency analysts, many of whom anticipate further price increases for this gaming crypto token.
An analyst named ‘Aditya Siddhartha Roy‘ stated on X that The Sandbox coin has a resistance level of $0.98 that it must surpass to rise further. If it can break this key resistance, the next target will be $1.5.
https://twitter.com/Adityaroypspk/status/1860961773022535967
Another analyst known as “Zen” expressed similar positive views, suggesting that this current or next swing may push the SAND price even higher. He stated that if The Sandbox (SAND) token continues to climb, the target ranges for that movement are between $1.25 and $2.50.
However, the analyst warned investors about the potential scenario that could unfold from the current price level. Should a correction occur at this point, we might witness the Sandbox price drop to approximately $0.433 and $0.533.
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